Shortsale Appraisal and Price

Hi there-

After disputing an appraisal and being made to raise the price $75K over value, B of A is finally ordering a new appraisal.  Now here's the question, do I drop the price back down to vaule before the appraisal?  If I leave it up where they told me too, won't the appraiser shoot for that value?

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Permalink Reply by Jeff Payne on September 22, 2011 at 6:40am

Hi Kathy.  Just for clarification, is this a co-op sale or a HAFA sale?  Who made you raise the price by $75,000? 

As far as the new appraisal, you need to meet the appraiser at the home and bring your market history, showing history and comparables to show him how you came to the price that you listed it for.

Problem is that an appraisal today is not going to be accurate in 3 months, are they doing this because you have an offer?

The appraisers job is to use market data to come to the value of the property, if they did shoot for that value they would have to have supporting materials to come to that value.

More info please

Permalink Reply by Kathy Scruton on September 22, 2011 at 6:44am

Hi Jeff-

 

Thanks for your reply.  It's HAFA.  B of A had a Landsave appraisal in which they came back with an over market price.  Yes, I will and do take comps and verifiable data when I meet the appraiser.  

 

I've had 3 offers at the market value price. 

 

The first appraisal was 90 days ago.  Just wondering if the price should come down to market value prior to the appraisal or if we leave it up at the dictated price.

Permalink Reply by Jeff Payne on September 22, 2011 at 6:50am

Meet the appraiser at the house and discuss your market, discuss number of showings, offers and at what price you recieved the offers.  Landsafe is owned by Bank of America so keep in mind that you are essentially talking to an employee of Bank of America. I am 99% sure that if an appraiser works for Landsafe, they are not allowed to work on any other banks appraisals...

If it were me I would continue to list a market value, not BofA's value. 

Curious, what happened to the 3 offers at market price?

Permalink Reply by Kathy Scruton on September 22, 2011 at 6:58am

Buyers walked at the banks counters.

 

Agreed on price input, just need Sellers to agree.

 

Thanks :)

Permalink Reply by Jeff Payne on September 22, 2011 at 7:39am
make your case with the appraiser and you will be fine
Permalink Reply by Kathy Scruton on September 23, 2011 at 4:22am
Will do Jeff!
Permalink Reply by Smitty on September 22, 2011 at 9:53am

Kathy, I had the exact same thing happen and I too raised the price to show them they weren't getting any offers.  I met the second appraiser at the property and explained the whole thing, gave a copy of the hardship letter, my comps and VIOLA - second appraisal was a keeper and we closed.

 

Good luck.

Oh and I didn't lower the price back down.  Went from $350,000 to $400,000

Permalink Reply by Kathy Scruton on September 23, 2011 at 4:22am
Smitty, that is great to know! Thank you.

Kathy

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